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August 28, 2024
Question

stopped w2 and started a new business

  • August 28, 2024
  • 1 reply
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I just quit job and started a new business (LLC, solely owned) trading only ETFs and futures. What are good tax practices for me in this situation?

    1 reply

    August 28, 2024

    Welcome to the Event, skfin110!

     

    Congrats on starting your own business! If you expect to owe more than $1000 in federal taxes for the tax year, then you may need to make Estimated Quarterly Tax Payments. Here are some great tools to help you along the way: 

     

    Self-Employment Tax Hub

     

    Estimated Taxes - How to Determine What to Pay and When

     

    and a bonus one for you:

     

    Trader or Investor?

     

    Be sure to track all expenses and income earned related to your LLC through the year.